Pan-African financier, Shelter Afrique and a subsidiary of Housing Finance Group - HF Development and Investment Ltd (HFDI), have completed a Sh990 million property development in Kiambu County.
The project dubbed Richland Pointe targets the growing middle-income population. It is located along Kamiti Road.
It has been developed under a joint venture - HFDI and Richland Dam Estate Ltd. The 248-unit development comprises of two and three bedrooms apartments selling at Sh8.5 million and Sh9.5 million respectively.
Under the arrangement, Richland Dam Estate provided land while HFDI provided equity equivalent to the land.
Shelter Afrique provided debt to the tune of Sh700 million.
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“The completion of Richland Pointe reinforces Shelter Afrique’s strong partnership with HF Group and our joint commitment to the development of affordable housing in Kenya,” said Shelter Afrique Chairman Daniel Nghidinua.
“In 2012 Shelter Afrique approved Sh647 million to HF Group for the development of 165 units in Komarock Phase 5A. A further Sh930 million was advanced to HF Group for the development of Komarock Phase 5B and K-Mall.”
Mr Nghidinua was speaking at an event to officially launch the project with HFDI following its completion. Shelter Afrique Managing Director Andrew Chimphondah said the challenge was coming up with housing that addresses the middle to lower income market.
HF Group Managing Director Robert Kibaara said the mortgage lender was committed to making affordable home ownership possible.
